According to online reports, Upbit issued a document clarifying some information about regulatory sanctions, pointing out that it is not true that 30,000 fake ID cards (including hand-painted ID cards) have passed the "Know Your Customer"(KYC) system. Upbit uses several additional procedures, including identification to perform KYC. If members submit insufficient ID cards, they will be required to be re-executed. Previously, the Korea Financial Intelligence Agency (FIU) announced on February 25 that it would implement regulatory measures on South Korean cryptocurrency exchange Upbit. According to regulations, Upbit will be restricted from the cryptocurrency recharge and withdrawal business of newly registered users in the next three months.